Hong Kong To Host Asia’s First Gay Games

October 31, 2017

ewsStandOnline.Net (31-October-2017): Hong Kong has beaten out two North American cities for the rights to host the Gay Games in 2022. It will be the first time the event has been held in Asia since its launch in 1982.

The successful bid “is testament to Hong Kong’s spirit and passion for increased inclusion and diversity,” Dennis Philipse, the chair of the Hong Kong bidding team, said in a statement today from Paris, where the announcement was made. “Bringing the Gay Games to Asia and Hong Kong as host proves the growth in openness in the city and across the region.”

The success of the bid was welcomed by rights groups, legislators and others as an important development in LGBT rights for the region, as well as being a boon for the local economy. The bid organizers expect the Games to draw 15,000 athletes and 25,000 spectators, adding 1 billion Hong Kong dollars ($128.2 million) to the city’s economy.

It is likely to be the biggest multisport event held in the city since it hosted the 2009 East Asian Games, which drew 2,377 athletes.

Hong Kong To Host Asia’s First Gay Games

“This decision demonstrates how, as a major travel destination, Hong Kong is able to attract a rich diversity of events to the city,” said a Hong Kong Tourism Board spokesperson, in welcoming the announcement, adding that “the HKTB will provide support for the promotion of the events depending on their tourism value and the organizer’s needs.”

Hong Kong won its Gay Games bid over Guadalajara, Mexico and Washington. The event, held every four years, is open to all athletes regardless of sexual orientation. Next year’s Games will be held in Paris.

Legislator Regina Ip, head of the New People’s Party, said the bid victory was “well deserved” in a statement on her Facebook page and promised to push the government to prepare facilities and support for the event. Lau Ming-wai, the chairman of the government’s Commission on Youth as well as the chairman of developer Chinese Estates Holdings, has also publicly backed the bid.

The actual degree of government support for the event however is unclear. Pressed on the matter by a legislator in June, the city’s then-commerce secretary said the question would be considered by the city’s new administration which then took office the following month. The government spent HK$291.1 million for the East Asian Games.

Gaming Firm Razer To Launch $550m Hong Kong IPO

October 27, 2017

NewsStandOnline.Net (27-October-2017): Razer Inc, a gaming hardware maker backed by Intel Corporation and Hong Kong billionaire Li Ka-shing, plans to launch on Monday an up to $550 million Hong Kong initial public offering.

The company, which is based in Singapore and the United States, will offer shares in an indicative range of HK$2.93 to HK$4.00 each.

Razer has secured $150 million in commitments from cornerstone investors, including a $20 million investment from Singapore sovereign wealth fund GIC Pte Ltd.  Razer declined to comment, while GIC did not immediately reply for comment.

Gaming Firm Razer To Launch $550m Hong Kong IPO

The company was founded in 2005 by Min-Liang Tan and Robert Krakoff and has grown from producing a gaming mouse as its initial product to manufacturing laptops worth almost $4,000.

In 2016 it bought assets from a company previously known as THX Ltd, which was founded by George Lucas, and this year it acquired certain assets and intellectual property from mobile phone manufacturer Nextbit Systems.

The acquisitions are expected to help the company launch new products in coming years, including a mobile gaming device, a person familiar with Razer’s plans.

China Jinmao Involved In Corruption Probe

October 26, 2017

NewsStandOnline.Net (26-October-2017): Chinese state-backed developer China Jinmao Holdings, said its Hong Kong office was searched in a corruption probe.

The company’s shares fell as much as 3.3% in Hong Kong last night and JPMorgan Chase downgraded the stock.

Jinmao and its units are not the subject of the investigation, the company said in a filing to Hong Kong’s stock exchange, adding that Chief Financial Officer Jiang Nan was asked to visit the Independent Commission Against Corruption as part of the probe.

China Jinmao Involved In Corruption Probe

The real estate arm of Sinochem Group, Jinmao is a mid-sized builder, ranking 27th in China last year by sales, according to China Real Estate Information Corp.

Besides developing high-end residential projects, the group owns office buildings, hotels and malls. It built the Jin Mao Tower, an iconic skyscraper in Shanghai’s Pudong district.

The investigation relates to section 9 of the Prevention of Bribery Ordinance, a law that covers corrupt transactions with “agents” rather than public officers.

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